REDEEMABLE NON-CONTROLLING INTEREST
The following summarizes the changes in redeemable non-controlling interest for the years presented. Non-controlling interests that do not contain redemption features are presented in the statements of equity.
|
| | | | | | | | | | | | |
(in millions) | | 2013 | | 2012 | | 2011 |
Balance at January 1 | | $ | 80.8 |
| | $ | 70.3 |
| | $ | 68.1 |
|
Allocation of stock-based compensation | | — |
| | — |
| | 0.1 |
|
Total comprehensive income attributable to redeemable non-controlling interest | | 1.5 |
| | 10.5 |
| | 2.1 |
|
Purchase of non-controlling interest | | (82.3 | ) | | — |
| | — |
|
Balance at December 31 | | $ | — |
| | $ | 80.8 |
| | $ | 70.3 |
|
In April 2013, the company purchased the remaining 10% non-controlling interest in its business venture with Dow Jones for $80.0 million. Prior to the purchase, the company maintained a 24.4% interest in S&P/DJI. As a result of the purchase of the non-controlling interest, the company's interest in S&P/DJI increased to 27%. The company recognized a $165.6 million tax benefit through additional paid-in capital. The tax benefit was due to a reduction in deferred tax liabilities related to the tax basis in Index Holdings. The company also recognized a $2.3 million gain through additional paid-in capital related to the purchase of the non-controlling interest.
